The Tucson Housing Market February 2017
Tucson Housing Market February 2017 Update From TARMLS
Tucson Housing Market February 2017
The Tucson Housing Market February 2017 report shows the average sales price INCREASING 3.63%. Moving the average price to just over $225,000.
The Median Sales Price for a Tucson home followed closely with an INCREASE of 2.72%. Coming in at $189,000. That’s on top of a January increase of 2.79%.
Year over year, the February 2017 median sales price INCREASED 11.90% from the prior year.
Tucson home sellers recognized the stronger February market and INCREASED Average List Prices by 3.92%. The average list price for a home in Tucson at the end of February 2017 is $230,859.
Active Listings were flat again, standing at 3,765. Down 12 listings from January. Active listings remain below 4,000 for another month. Active Listings under 5,000 means the Tucson Real Estate market continues to be very “tight”. Year over Year active listings were DOWN 25.86%.
Homes under contract at the end of February INCREASED 8.63% to 2,241. There are some happy Realtors out there. And Tucson home buyers/sellers as well.
Days On Market INCREASED to 52 days in February. Buyers continue to pounce on well-priced homes. Days on Market for February 2016 was at 65 days.
With jobs being created in Tucson, one would expect the demand to continue to increase. Without more homes being listed for sale, that could mean buyers will increase their purchase offer prices in 2017. February would suggest that buyers are putting chips on the table to get into Tucson Real Estate.
Tucson Housing Market February 2017 Mortgage Update
Mortgage rates moved to 4.25% for a 30-year conventionL. And the latest thinking is that the FED will raise rates in March or April. A 4.25% mortgage rate against average year over year price gains makes owning a Tucson worthwhile.
And now the Tucson Housing Market February 2017 Report
When submitting an offer
Given current inventory levels, low ball offers aren’t getting a lot of traction. So, if you “really” want the home, make a “reasonable” offer.
You have to ask yourself, “will I feel bad if I don’t get this house?” If the answer is no, then put in an offer you would feel is a steal and see what happens. If the answer is yes, put in an offer you and your Realtor think is reasonable.
We will work with you to understand your objectives and analyze the market to determine – as best we can – a price range for the home you want to buy or sell.
Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!
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